Saudi stocks lead Mideast higher as oil extends gains

Saudi stocks lead Mideast higher as oil extends gains

Bloomberg

Saudi Arabia's equities index extended a winning streak to five sessions on Sunday, following another positive week for crude prices. The Tadawul All Share Index climbed 0.9%, with gauges in Bahrain, Oman, Kuwait, Qatar and Israel also rising. The index in Dubai finished little changed while and Egypt's EGX 30 declined 0.9%. Oil, the main export for Gulf countries, posted its third straight weekly rise on improving demand, with the International Energy Agency (IEA) warning the market will need extra supply next year. Brent crude futures rise 1.1% for the week that ended June 11 to $72.69 per barrel, the highest since April 2019. As Saudi stocks keep rising, a technical measure shows the Tadawul All Share Index has been trading in overbought territory for the past two weeks. The gauge is up about 25% for the year, versus a 7% advance for the MSCI Emerging Markets Index. Israel's stock market index rises as much as 0.9%, heading for its third day of increases. The index is up 14% this year. While the MSCI Emerging Markets Currency Index rises 0.2% last week, the fourth consecutive week of increase, Saudi Arabia's Al Rahji Bank climbed 0.9% to the highest since April